OSLO, Sept 17 (Reuters) - The world's biggest independent oil tanker shipping group, Frontline, sees strong markets and merger and acquisition opportunities in the coming months on the back of lower valuations caused by economic woes.
'We see this as a time of opportunity -- that many companies are coming under pressure and that there will be some merger and acquisition deals to look at in the future,' Chief Executive Jens Martin Jensen told Reuters in an interview on Monday.
Jensen said Frontline was eyeing companies within its segment but also groups in other segments in the tanker market.
'Maybe (it is) a bit too early, but we are moving into a phase where things are looking more interesting,' he said, adding that developments could take place over the next months.
Norwegian-listed, Bermuda-registered Frontline, is controlled by shipping tycoon John Fredriksen, who is its largest shareholder through his company Hemen Holding. ($1=5.738 Norwegian Crown) Keywords: FRONTLINE/ tf.TFN-Europe_newsdesk@thomsonreuters.com jlw COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
'We see this as a time of opportunity -- that many companies are coming under pressure and that there will be some merger and acquisition deals to look at in the future,' Chief Executive Jens Martin Jensen told Reuters in an interview on Monday.
Jensen said Frontline was eyeing companies within its segment but also groups in other segments in the tanker market.
'Maybe (it is) a bit too early, but we are moving into a phase where things are looking more interesting,' he said, adding that developments could take place over the next months.
Norwegian-listed, Bermuda-registered Frontline, is controlled by shipping tycoon John Fredriksen, who is its largest shareholder through his company Hemen Holding. ($1=5.738 Norwegian Crown) Keywords: FRONTLINE/ tf.TFN-Europe_newsdesk@thomsonreuters.com jlw COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.